The Brexit transition period ended on 31 December 2020 and companies have been operating in the new normal for more than a month now.
While many relevant practical questions for businesses remain open and still need to be resolved, companies should also not forget to consider longer timelines and develop holistic approaches.
How can companies take the opportunity presented by this change to develop competitive business models? How can they create value in the short, medium and long term? And what are the first steps to be taken in getting there?
23 February 2021 | 1pm –2pm GMT , 2pm – 3pm CET (Central Europe)
In January we hosted a global indirect tax webcast to discuss the UK EU Trade and Cooperation Agreement (TCA). Over 1200 businesses joined our webcast and we received more than 200 questions. We have continued to be inundated by questions on the TCA. This is clearly an area we are all grappling with and, whilst the TCA eliminates all customs duties on goods which originate in the UK or EU – representing the most extensive trade agreement on tariffs the EU has ever made, there are still almost as many unknowns as knowns! .Consequently we are delighted to invite you to the next in the series of global indirect tax webcasts : Brexit TCA Part 2!
The UK EU Trade and Cooperation Agreement (TCA) eliminates all customs duties on goods which originate in the UK or EU – representing the most extensive trade agreement on tariffs the EU has ever made.
The Brexit transition period ended on 31 December 2020 and there is finally a deal between the United Kingdom and the European Union. However, many relevant practical questions for businesses remain open and still need to be resolved.
Businesses established in Northern Ireland who incur VAT on goods in the EU, and EU businesses who incur VAT on goods in Northern Ireland, will be able to recover this VAT through the electronic cross-border refund system. This enables a business to recover that VAT directly from that country (the UK or EU member state of refund) provided that it is not established in the country of refund and makes no supplies there.
According to the latest information issued on Intrastat requirements by HMRC, one have to differentiate between the following flows where Intrastat declarations will still be required for UK resident business and foreign businesses with a UK VAT registration:
As you know, the EU and UK reached a Brexit deal on the 24th of December 2020.
This deal does not mean “business as usual”. UK is no longer a part of the EU customs union which means that customs declarations needs to be filed when importing and exporting goods both in UK as well as the EU.
I would like to briefly draw your attention to the EU Exit Transition: Switzerland webpage, which the British administration has launched on the government site. It bundles information relevant for Switzerland and links to a number of topics.